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The Society of Motor Manufacturers and Traders (SMMT) have published figures showing that 562,337 new cars were registered in March 2017, which equates to 8.4% growth over 2016 and makes this March the biggest month for new car registrations since records began.

The SMMT suggest that the boost in numbers came thanks to buyers wanting to get in ahead of the new higher vehicle excise duty (VED) rates.

Q1 2017 has seen 820,016 new cars registered, up 6.2% on the same period in 2016 and setting a new record for the quarter.

Fleets and businesses registrations accounted for the uplift in March, with registrations up 12.6% and 11.9% respectively, while demand from private buyers also grew 4.4%.

Commenting on the figures, Mike Hawes, SMMT Chief Executive, said, “These record figures are undoubtedly boosted by consumers and businesses reacting to new VED changes, pulling forward purchases into March, especially those ultra-low emission vehicles that will no longer benefit from a zero-rate fee. This bumper performance probably means we will see a slowdown in April, exacerbated by the fact there are fewer selling days this year given Easter timing. Looking ahead to the rest of the year, we still expect the market to cool only slightly given broader political uncertainties as there are still attractive deals on offer.”

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